Nine reasons to switch your accountant
You may not realise you are being short-changed if your accountant is doing just enough to get by. Check out our list of the top 9 reasons to switch accountants below. If they appear uncomfortably familiar, it may be time to take the jump and expand your company.
Reason #1: They don’t have a thorough understanding of your industry.
Your accountant doesn’t have to be an expert in your field, but they should have a good understanding of your company. This entails being aware of the potential for pressure spots, as well as your obstacles and peak moments.
Accounting is about a lot more than just crunching numbers and following rules. You’ll just get generic advise if you don’t understand how your business works, which isn’t what you truly need. You should be able to trust your accountant to spot business opportunities and assist you in increasing profits. You won’t be able to achieve this with a one-size-fits-all approach.
Want to switch to More Than Accountants? You can get an instant quote online by using the form below. In a like for like comparison for services we are up to 70% cheaper than a high street accountant.
Simply ask if an accountant provides a customised service if you’re unsure.
Reason #2: It’s impossible to predict how much you’ll be charged.
Every bit counts for many firms, especially right now. This isn’t to say you shouldn’t cut back on necessary expenses, but you should be aware of the prices.
This mindset is carried across to your accountant. The accountants’ fees should be totally transparent, regardless of the type of bundle you have negotiated. Your accountant should not have any unexpected fees or extra expenditures that they forgot to communicate.
This isn’t about finding the cheapest accountant; in many cases, this is a waste of money if they don’t include all costs in their estimate. The ultimate goal is to ensure that you don’t end up with a larger invoice than you anticipated, which is a clear sign that you should switch accountants.
Reason #3: They Are Unaware of New Legislation
Accountancy, taxation, and company legislation can change quickly, and there’s no easy way for a layperson to keep up with everything. The best aspect of hiring an accountant is that you won’t have to worry about anything because they’ll notify you of any changes that could affect your business.
Your accountant’s job includes keeping up with new and possible developments. It’s a huge failing on their behalf if they don’t do this, or if they don’t advise you on necessary modifications.
One of the most recent concerns is whether UK taxes will be raised in the near future to compensate for the pandemic assistance packages.
Reason #4: They only provide the bare essentials.
Your accountant may appear to be doing everything they should, but are they genuinely doing everything they can to help you? Are you aware of the complete range of services and assistance that an accountant should provide as part of the package? That’s why, at More Than Accountants, we’ve posted a lot of material regarding COVID-19 support, in the hopes of assisting our clients and readers. But it’s only a drop in the ocean.
Your accountant isn’t looking beyond the essentials if they don’t ask you about cash flow, retirement, overheads, or an exit strategy. Just doing enough isn’t the same as providing excellent service. You have every right to expect your accountant to be completely dedicated to assisting your company in every manner imaginable.
Reason #5: They do not make effective use of technology.
You may not consider technology to be a top concern, but if your accountant isn’t making use of what’s available, you could be squandering time, money, and effort. It’s no longer required to schedule appointments for updates or have your accountant call you to relay minor details. You can communicate effectively from different locations thanks to the usage of cloud technologies and secure gateways.
You could miss critical deadlines if your accountant doesn’t use technology, or vital information could be delayed if your accountant doesn’t use it. Having to travel to a location to drop off documents is a waste of time when you could just scan and upload them to the cloud. That’s why our UK accounting staff relies on Receipt Bank and other modern accounting software to streamline everyone’s paperwork.
Reason #6: They don’t save you money.
An accountant is in a unique position to identify potential cost-cutting opportunities. While you concentrate on increasing revenues, your accountant should be considering how to make the most of what you already have.
Your accountant should assist you in saving money in addition to providing fundamental services like calculating taxes and filing returns. This could include reducing business costs as well as guaranteeing tax efficiency.
Your accountant will not be able to perform this effectively if they do not have a thorough understanding of your firm. However, for many accountants, this is a key and fundamental aspect of the service that you should expect to receive and is a clear indication that you should switch accountants.
Reason #7: You’re in a bad relationship.
It can be difficult to wrap your head around your business accounting at times, but it is your accountant’s responsibility to make it simple. This implies you’ll need to build a rapport with them that allows you to talk about even the most difficult topics.
Depending on your business demands, the amount of interaction you have with your accountant may vary, but you should have a personal relationship with him or her. This will give you the confidence to express your concerns or request additional information if you don’t understand something.
If your accountant is unapproachable, or if you’re ashamed to ask them to clarify some computations, it’s time to find someone new and switch accountants.
Reason #8: You’ve been reassigned to a junior partner.
As previously said, your accountant is more than just a number cruncher who ensures that you meet your legal financial obligations. A good accountant may have a big impact on your firm, and the better they know you, the more they can help.
This is why having a great relationship is so important. This is tough to attain if you’re frequently passed off to another employee, usually a lower-level one.
Regardless of how big or little your company is, you have the right to be treated as such by your accountant. It’s unacceptable that they don’t take the time to respond to you personally, and it could affect the service you receive in the long run.
Reason #9: It’s Difficult to Get in Touch With Them When They’re Needed
You shouldn’t have a defined amount of contact with your accountant. You have the freedom to build your own arrangements that fit your budget and business needs. However, it should be done frequently enough for your accountant to gain a thorough understanding of your company and its requirements.
You may also need to contact your accountant on an ad hoc basis. If you want to make speedy judgments, you need easy access to financial counsel, which shouldn’t be difficult if you have an accountant.
If your accountant is difficult to reach or does not react to a request for contact within a reasonable amount of time, you may need to find someone else. If you don’t get in touch, you may find yourself unable to make an informed business decision – and you may lose out on an opportunity.
An accountant is an important member of your company’s staff. Why should you put up with your accountant ignoring your requests if you wouldn’t put up with it from anybody else?